The Addams Family 2 hit the theaters October 2nd, and this got me thinking, what estate plan would I give this creepy, spooky, kooky family?
A retired lawyer, Gomez would certainly have gone through the trouble of an elaborate estate plan. We’ve seen Gomez squander money in a cavalier manner, loses it on stocks, and still remain wealthy. I would review Gomez’s operating agreement (for an LLC) or shareholder agreement (for a corporation) to ensure that his business affairs are in order and that we have a mechanism to avoid probate such as a trust being a member/shareholder.
Morticia, my doppelganger LOL, is often cutting the buds of roses and feeding hamburgers to her carnivorous plant, Cleopatra. I would create a Memorandum of Disposition for her beloved plants. Only referenced in the Last Will, the Memorandum is a list of personal, tangible items, that Morticia would update periodically at her leisure, without involving me. The list would identify the item and the individual that would receive the item. No cash or real property can go on the list. But if she were to take the mansion and flip it upside-down, all of the stuff that comes down can be put in her Memorandum.
Wednesday and Pugsley (and later Pubert) are under the age of 18, and I would want a minor’s trust established as the secondary beneficiary to all life insurance, 401K and investment accounts. Avid readers of this blog know that we would never name minors as beneficiaries on these accounts as that would force a guardianship proceeding. I would designate Grandmama Addams (Gomez’s mother) as the backup trustee and guardian. Despite being a witch, Grandmama is a generation older, so I’d nominate Lurch as the backup to Grandmama. He’s close the family and a man of few words.
We then have Morticia’s uncle, Fester. Known for this fondness of dynamite and blasting caps, we would also want to ensure that Fester has a living will (to designate end of life decisions) and health care proxy (to appoint an agent to make those decisions) in place. My concern is one head- in-a-book- press or a stretch-on-a-wooden-rack too much.
What a fun trip down memory lane! Let me know if I got it right….have I missed anything? LOL